696,578 Shares in Spotify Technology (NYSE:SPOT) Acquired by Nuveen LLC

Key Points

• Nuveen LLC acquired a new stake in Spotify Technology, purchasing 696,578 shares valued at approximately $383 million, representing 0.34% of the company.
• Spotify's Q2 earnings report showed a significant miss, with an EPS of ($0.42) against a consensus estimate of $2.00, despite a year-over-year revenue increase of 10.1%.
• Several hedge funds have recently adjusted their positions in Spotify, contributing to institutional investors owning 84.09% of the company's stock.

Nuveen LLC acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 696,578 shares of the company's stock, valued at approximately $383,139,000. Nuveen LLC owned 0.34% of Spotify Technology at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SPOT. Jennison Associates LLC boosted its position in Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after buying an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after buying an additional 112,553 shares during the period. Goldman Sachs Group Inc. boosted its position in Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after buying an additional 1,601,653 shares during the period. Forsta AP Fonden boosted its position in Spotify Technology by 12.6% during the 1st quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock worth $857,855,000 after buying an additional 174,700 shares during the period. Finally, Northern Trust Corp raised its holdings in Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 0.9%

SPOT stock traded up $5.99 during midday trading on Wednesday, reaching $695.34. The company's stock had a trading volume of 1,359,771 shares, compared to its average volume of 2,764,558. Spotify Technology has a 52 week low of $319.07 and a 52 week high of $785.00. The stock has a market cap of $142.34 billion, a PE ratio of 168.77, a price-to-earnings-growth ratio of 2.98 and a beta of 1.69. The business's 50-day simple moving average is $703.29 and its 200-day simple moving average is $633.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the business earned $1.33 earnings per share. The company's revenue was up 10.1% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several research analyst reports. Oppenheimer upgraded shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective for the company in a research note on Thursday, July 24th. Evercore ISI boosted their price target on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a research note on Monday, April 21st. Finally, Rosenblatt Securities decreased their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research note on Wednesday, July 30th. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.